It is the beginning of a new year and, with most of us in holiday mode, no doubt our thoughts are on being with our family and friends. Traditionally, this is a happy time of year, and with expectations that 2007 will be filled with success and good health. For some of us, however, this period can also be one of financial struggle. The lead-up to Christmas is often a time of big spending. With interest rates on the rise, some people’s credit cards will be ‘maxed out’. As we discuss in this issue, Australia’s household debt levels are higher than ever before, and despite the low interest rate environment, average personal savings have decreased dramatically. Yet, with the right advice and planning, all of us have a better chance of avoiding some of the debt traps and securing a stronger financial future.
